Thursday Guru Opinions @ 11:15 PM EDT - 6/13/2019

[ronscarpa]

 

6-13-2019   Intel/Newshound Guru sandyf    holiday inn is actually accepting other currencies for motel room payment.  This idea is incorrect and obviously causing some confusion. Online payments are invariably done by a payment processor and they determine currency requirement, not the company concerned...It should also be borne in mind that in order to make the payment you would need a card funded in the currency selected. If Iraqi banks issue cards in IQD it would be up to the processor if such cards were accepted, nothing to do with Article 8, although wider use of the currency is a move in the right direction.

6-13-2019   Intel Guru Delta   Article:  "Deputy Prime Minister for Economic Affairs and Minister of Finance chairs the first meeting of the preparation of the State Budget Strategy 2020-2022"  Quote:  "On the other hand, the exchange rate policy and the monetary policy strategy of the Central Bank were discussed" - MORE CONFIRMATION THAT THE COMING 2020 BUDGET WILL BE IN NEW RATE...

 

6-13-2019  Guest Guru BobTheTaxMan   I've had several people come to me and they're always saying, 'what about this...way to convert this in a way of being able to do it as capital gains...'  I hear this all the time.  In the world of the IRS everyone thinks it's a set hardcore thing.  But it's really quite subjective... there's all kinds of nuances when it comes to the IRS code so you're gonna want a professional  assisting you who has experience in this particular domain...(Post 1 of 2)...[ Note: speak to your tax and financial professional at the appropriate time.] 

6-13-2019  Guest Guru BobTheTaxMan    So when you go do something with your dinar you need to remember it is not a registered commodity.  But it also does not fall into the IRS 1256 code.   It doesn't fit...When you go into the bank or anyplace to exchange your dinar...when you bought it doesn't make any difference...Remember you're reporting this to the IRS as ordinary income.  All you have to have is the value when you bought it and the value when you exchanged it.  Because it doesn't qualify for 1256.  It doesn't qualify as a capital gain. ..(Post 2 of 2)...[ Note: speak to your tax and financial professional at the appropriate time.]

 

6-13-2019   Newshound Guru MilitiaMan  ...they are clearly doing as they told us they would and even on time or early. The CBI told us on the 10th they would have an intensive media campaign. They sure are from the looks of it. There are now out today about 11 articles that support they are doing what they said they were going to do, in that regard to intensive media campaign.  They...say that they are partnering up with banks, money exchanges, airports, hotels, etc... To get them up in running with the new Master and Visa Cards for external expenses to get paid.  They are doing the media blitz to make sure everyone knows that all there is left to do is let their new external exchange rate get applied to those cards. imo... That is where the CBI will need to be timely ahead of the Gazette, imo. That time clock imo is about to sound some alarms...(post 1 of 2)... 

6-13-2019   Newshound Guru MilitiaMan   Article quote:  "This bank will settle the cards abroad by selling them dollars at a price. Aqh sell the currency, the dollar against the sale of citizens at the price of 1.200 dinars through purchases of cards."  If I read this correctly they look as though they are telling the citizens and others they will be effectively 1:1.20 soon...IMO, they are trying to tell us they will be at 1.200 to the USD not 1,200. Then by applying the new international calculation to that and we are back to the glory days...imo...(post 2 of 2)... 

[pokerplayer]

Thxs Ron, slightly different slant today.. IMO

 

pp